Economic ConsultantEconomic consulting is a highly-skilled profession that involves skills in market research and analysis, economic forecasting for governments, businesses, policy organizations, financial institutions, public and private sectors that need advisory services. Economic Consultants distinguish themselves from other professionals because when it comes to critical thinking and rigorous marginal techniques, their specialization is way broader than other business courses.
Apart from working as Economic Consultant, their career options is wide-ranging because they can also apply for positions in public policy making, local government administration, teaching and education, accounting, commercial banking, stock broking, commercial consulting, and entrepreneurship.
There are many large economic consulting firms that demand the services of Economic Consultants. As consultants, they can advise firms on making and executing business strategies. They can also prepare economic pieces of evidence when a firm faces court cases. Or, they can formulate and develop analyses needed in making and influencing public policy.
Though there are still rooms for further studies in-store for economic consultants like an MBA degree, the common career path for many Economic Consultants who have done a great deal of the profession is to take law. The skill that has been acquired in making careful reasoning is relevant in taking up law that is why economic consultants are a good fit in a future law career. If not law, they can still pursue a career in the academe if their real love and passion is to teach and study economics and further write about it.
According to a Wall Street Journal article, wherein jobs under economics discipline ranks fourth in terms of compensation, an economic consultant’s average starting salary is $43,419. Further studies and post higher education will also contribute in the increase of salary since economic consultants with MA degree earn $80,000 (for men) and $60,000 (for women) while those who have PhD earn $96,000 (for men) and $83,500 (for women).
What exactly does an Economic Consultant do to gain such a high compensation? Their functions and tasks should never be underestimated because every function they have is nerve-wrecking, both literally and metaphorically. They provide economic advice to a wide range of industrial, corporate and commercial organizations. They handle interviews for staff, suppliers, competitors, as they also design questionnaires needed in data gathering and data analysis.
When it comes to their skills, their knowledge in economic is simply matchless. They are computer literate while their research skills are beyond average not to mention the legitimacy and effectiveness of their language and interpersonal skills.
An Economic Consultant is one of the most-sought after professional among large economic consulting firms. Their expertise in dealing with economic issues and areas such as anti-trust, financial institutions and their practices, general commercial damages, and intellectual property damages are based on proven theories and applications that take place in business environment.
Yes, the profession in economic consulting is compelling and this can be attributed to the fact that large firms look for aggressive professionals who can manage to settle issues that go beyond average business problems—say for instance dealing with major litigation matters.